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South of the river Thames has made massive progress as a desirable location over the years. It was once seen as a good option when looking for lower rents, in 2010 there was about £40 ps. ft. difference on a new build price in South Bank and the West end new builds. This gap has now closed drastically and is less than £5 ps. ft. There are many reason for this change, it can be put down to improved transport links in south bank and a change in the market with warehouse and industrial style building becoming increasingly popular. It not necessarily that traditionally West end occupiers are moving below the Thames, more that other business are seeing the desirability of locating there.
South bank currently has one of the lowest vacancy rates in all of London and the rents are rising quickly as a result. The 20 year average vacancy rate for south of the river, however it is not down to 2.85%. This indicates that the rise in rents is not slowing down. In 2014 rents increased by 15.8% and are forecasted to grow another 10% in the coming year.
Teresa Beatty a commercial surveyor at Morgan Pryce said “A lot of our clients will consider both the West end and south of bank for their office location, it is no longer seen as secondary choice.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.